BT, Britain's biggest fixed-line and mobile operator, said it had delivered a strong operational performance in the first half given the challenges of Covid-19 as it raised the lower limit of its earnings guidance for the year.
The company today reported an 8% drop in revenue to £10.59 billion and a 5% fall in adjusted earnings to £3.72 billion, broadly in line with expectations.
BT's chief executive Philip Jansen said the performance had given it confidence to raise the lower end of its earnings outlook for the year from £7.2 billion to £7.3 billion, with the upper end staying at £7.5 billion.
It also forecast earnings of at least £7.9 billion for 2022/23.
"This growth will be driven by the continued recovery from Covid-19, enhanced by sales of our converged and growth products, and by significant savings from our modernisation and cost saving programme," he said.
"In combination these factors will more than offset legacy product declines," he added.
